Finance News Update, what you need to know

At 0637 AEST on Monday, the local unit was trading at 75.40 US cents, down from 76.33 cents on Friday.

The Australian market looks set to open almost 1.5 per cent lower after Wall Street plunged more than two per cent and the S&P 500 suffered its worst day since June.

At 0645 AEST on Monday, the share price index was down 79 points at 5,246.

ELSEWHERE:

BENGHAZI - Forces loyal to eastern Libyan commander Khalifa Haftar have seized at least two key oil ports from a rival force loyal to the UN-backed government, risking a new conflict over the OPEC nation's resources.

THESSALONIKI, Greece - A rift between the International Monetary Fund and the European Union on how to address Greece's debt crisis is damaging for the country, Prime Minister Alexis Tsipras says.

LONDON - Britain's Interior Minister Amber Rudd says she is looking at a work permits system to control migration from the European Union, responding to Brexit voters' demand for tighter border controls.

LONDON - Britain's Serious Fraud Office has charged three former senior Tesco executives with fraud in its investigation into accounting practices at the country's biggest supermarket chain.

SEOUL - Samsung Electronics is urging consumers worldwide to stop using Galaxy Note 7 smartphones immediately and exchange them as soon as possible.

BERLIN - FRANKFURT, Reuters - Germany is close to an agreement with its utilities that will see the government assume the risks and liabilities of storing private-sector nuclear waste in return for a 26.4 billion euros ($A38.89 billion) cash payment, daily Boersen-Zeitung has reported.

HONOLULU - An international environmental group has voted to call on every country to shut down domestic ivory markets that threaten elephants.